Long weekend gas prices: What to expect at the pumps after summer dip - National | Globalnews.ca (2024)

Canadians filling up their tanks ahead of the long weekend can expect to see reduced gas pricesa trend that has continued for much of the summer, experts say.

Long weekend gas prices: What to expect at the pumps after summer dip - National | Globalnews.ca (1)

Nationally, the average price for regular unleaded gas stood at $1.56 per litre on Thursday, according to fuel price tracking websiteGasBuddy.com.

As of 1 p.m. eastern Thursday, prices were down by two cents a litre from last week, 8.4 cents compared with last month’s average and 13 cents lower from a year ago.

National gas prices will likely continue to decline through the Labour Day weekend, said Patrick De Haan, head of petroleum analysis at GasBuddy.

“We’ve seen a lot of downward pressure on prices as we approach the Labour Day long weekend. And that’s a trend that could continue through much of the fall,” he said in an interview with Global News.

Story continues below advertisem*nt

Long weekend gas prices: What to expect at the pumps after summer dip - National | Globalnews.ca (2)

July inflation decelerates as car prices shift into reverse: StatCan

Fewer oil refinery snags have contributed to relatively lower prices for gas and oil this summer, De Haan explained. The economic slowdown has also caused gasoline demand to become softer, pulling prices down.

Dan McTeague, president of Canadians for Affordable Energy and a former Liberal MP, said after the summer dip, he’s not expecting much change this long weekend.

“That’s been the story this summer,” he said in an email to Global News.

“Prices remained depressed relative to previous summers as energy markets are more interested in global economic sentiment and emotion rather than fundamentals which continue to show robust demand and dwindling supply.”

Diesel prices in Canada have also decreased to the lowest national level since early 2022, currently averaging $1.67 per litre, De Haan said.

Story continues below advertisem*nt

Long weekend gas prices: What to expect at the pumps after summer dip - National | Globalnews.ca (3)

Report credits TMX pipeline for Metro Vancouver gas price drop

Where do gas prices stand in Canada?

For those filling up their tanks, here is where prices stood in different parts of the country, as of 1 p.m. eastern on Thursday, according to GasBuddy.

Long weekend gas prices: What to expect at the pumps after summer dip - National | Globalnews.ca (4)

Get weekly money news

Get expert insights, Q&A on markets, housing, inflation, and personal finance information delivered to you every Saturday.

By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy.

  • Alberta – $1.48 per litre
  • British Columbia – $1.70 per litre
  • Manitoba – $1.39 per litre
  • New Brunswick – $1.60 per litre
  • Newfoundland and Labrador – $1.69 per litre
  • Northwest Territories – $2.06 per litre
  • Nova Scotia – $1.62 per litre
  • Ontario – $1.53 per litre
  • Prince Edward Island – $1.67 per litre
  • Quebec – $1.61 per litre
  • Saskatchewan – $1.57 per litre

De Haan advised filling up sooner rather than later, in case there are any minor price fluctuations over the weekend.

Story continues below advertisem*nt

“I think right now would be a good time to fill up,” he said.

Canadians paid 2.4 per cent more month to month at the pumps in July, putting upward pressure on overall inflation, according to Statistics Canada’s latest inflation report.

“Prices accelerated the most in the Prairie provinces, partially attributable to reduced supply amid a refinery shutdown in the Midwestern United States,” StatCan said.

Long weekend gas prices: What to expect at the pumps after summer dip - National | Globalnews.ca (5)

What to expect at the gas pump this May long weekend

What about gas prices in the U.S.?

Canadians travelling south of the border for the Labour Day weekend can expect to pay even less at the pumps than they would at home.

Story continues below advertisem*nt

In the United States, the average price for regular unleaded gas on Thursday was US$3.35 per gallon, which is C$1.19 per litre, according to GasBuddy.

On Labour Day, the average price of gas in the U.S. is forecast to fall to US$3.27 per gallon, which is equivalent to C$1.16 per litre. That is the lowest Labour Day price for the U.S. since 2021, GasBuddy said.

De Haan said gas in the U.S. is not subject to carbon pricing like it is Canada, making it “much cheaper.”

What to expect in the fall

With most of Canada switching to cheaper winter gasoline in the next few weeks, in addition to the falling demand as temperatures cool off, prices are expected to continue declining for much of the fall, De Haan said.

Story continues below advertisem*nt

“By the end of the year, we could see prices that could be 10 to 20 cents a litre or more lower than where we are today,” he said.

However, there are “some wildcards,” like the tensions in the Middle East and the hurricane season, which could temporarily reverse the downward trend of gas prices, De Haan said.

“If we do see some additional violence in the Middle East, or if we do see a major hurricane heading into the Gulf of Mexico, those could lead to temporary price increases, but they should be temporary and fairly modest.”

  • Alcohol potentially a ‘saving grace’ for Ontario convenience stores as sales begin
  • Canada warns pregnant travellers of ‘risks’ from Oropouche fever
  • Planning a visit to New Zealand? Why you might have to pay more this year
  • Whooping cough cases are surging in Canada. What’s going on?
  • Bank of Canada cuts interest rate to 4.25%
  • BIV: B.C. banking sector shakeup
  • Get set for fall with these fashionable finds
  • 43% of Canadians worry they don’t have enough money for food: poll

&copy 2024 Global News, a division of Corus Entertainment Inc.

Long weekend gas prices: What to expect at the pumps after summer dip - National | Globalnews.ca (2024)
Top Articles
Latest Posts
Article information

Author: Errol Quitzon

Last Updated:

Views: 5623

Rating: 4.9 / 5 (79 voted)

Reviews: 86% of readers found this page helpful

Author information

Name: Errol Quitzon

Birthday: 1993-04-02

Address: 70604 Haley Lane, Port Weldonside, TN 99233-0942

Phone: +9665282866296

Job: Product Retail Agent

Hobby: Computer programming, Horseback riding, Hooping, Dance, Ice skating, Backpacking, Rafting

Introduction: My name is Errol Quitzon, I am a fair, cute, fancy, clean, attractive, sparkling, kind person who loves writing and wants to share my knowledge and understanding with you.